When you review your Chicago mortgage, you may notice a number of different sections known as clauses or covenants, which govern the details of the mortgage transaction and ownership of the property thereafter.

One of the new responsibilities that a first-time homeowner needs to be mindful of, beyond just Chicago mortgage rates, is the assessment of property taxes. The property tax bill that arrives has several different terms and numbers that may be confusing if you’ve never seen them before. Here’s a quick rundown of some of the features of the bill:

Your credit score lets lenders and other institutions know, at a glance, about your borrowing behavior and your ability to repay your debts. As a result, the score can greatly affect your choices and opportunities when it comes to purchasing a large item…such as a home. Having a good credit score can affect the size of the down payment you make, the conditions of the mortgage payment schedule, and possibly whether you are even approved for the loan at all. While you might understand the basics of a credit score—which ranges from 300 to 850—and how it can affect your buying decisions, you might not be aware of how that score is calculated.

When first applying for a mortgage loan, the lender will review the borrower’s assets and debt, among other factors, to decide if they are willing to put up the money requested. One option available to prospective homeowners is to apply for a joint mortgage, which allows up to four separate people to pool their assets together for greater buying and borrowing power. Before jumping into a joint arrangement, however, it’s crucial that all parties understand the different options and legal obligations that come with it.

New homebuyers often have a lot to learn about the many moving parts of a property transaction. It’s usually not just a matter of handing over the money and receiving a deed. Aside from the loan officer, attorneys, and various processing specialists, the buyer and seller may also need to engage the services of an escrow agency — a neutral third party who makes sure that the transfer of funds and property are handled in a timely and fair manner.